Frequently Asked Questions

Under Section 22.1 of the Illinois Condominium Property Act (765 ILCS 605/22.1), when a condo owner sells their unit, the condo board must provide a disclosure packet containing 10 specific financial, legal, and governing documents to the buyer.

It provides the buyer with the unit's account balance, reserve funds, building insurance, and planned capital repairs before closing.

The statute requires these 10 items:

• Declaration, bylaws, and house rules
• Statement of liens and unit account balance (dues, special assessments, late fees)
• Statement of anticipated capital expenditures (current + next 2 fiscal years)
• Reserve fund status and any project earmarks
• Prior fiscal year financial statement
• Pending lawsuits or judgments involving the building
• Insurance coverage summary (property, liability, D&O)
• Statement of unit alterations compliance
• Designated notice officer identity and address
• Association collection policy (required for packets delivered on or after Jan 1, 2027)

The board must deliver the completed packet within 10 business days after receiving a written request from the owner or their agent.

Counting begins the first business day following receipt. Saturdays, Sundays, and official federal holidays do not count. If you miss the 10-business-day deadline, the buyer may have legal grounds to cancel their purchase contract.

Yes. Illinois law allows your association to charge the seller for preparing this packet.

Under 765 ILCS 605/22.1(c), the association may charge the selling owner up to $375.00 for standard delivery, plus an additional $100.00 if the seller requests expedited turnaround. That money goes directly to your association. Because our Starter Kit costs $49.00, your board recoups its cost and keeps the remaining fee.

Effective January 1, 2027, the Illinois legislature added a 10th mandatory requirement to Section 22.1: a copy of the association's written assessment collection policy.

If your building handles dues informally without a written policy on file, your board must adopt a basic written policy before delivering packets in 2027. Our starter kit includes a ready-to-adopt template.

Most small, self-managed condo boards complete routine 22.1 disclosures themselves without hiring a lawyer. The statute asks for factual financial records and basic statements that the board already manages.

When you should consult counsel: If your association has active lawsuits, contractor disputes, or recorded mechanics liens, have association counsel review those specific sections before delivery.

Portals like HomeWiseDocs and CondoCerts are built for professional management companies managing dozens of properties. They require platform onboarding, accounts, and complex setups.

Our kit is built specifically for volunteer boards of self-managed buildings (6 to 40 units). There is no software to install or account to set up: you download the fillable Illinois templates immediately, fill in your numbers, and deliver your packet.